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MACPOWER CNC MACHINES LIMITED INVESTOR PRESENTATION – DECEMBER 2018
EXECUTIVE SUMMARY Company Overview:
▸ Macpower CNC Machines Ltd. (Macpower),
incorporated in 2003, has more than one decade of
experience in competitive manufacturing solutions.
▸ It has become India's fastest growing CNC Machines
Manufacturing Company.
▸ Macpower provides Co petiti e Manufacturing
Solutio s to meet the exact requirements of their
customers.
▸ MSE – 1 Highest Financial Strength in SME Segment certified by CRISIL.
▸ Macpower is manufacturing Special Purpose Machines [SPM] for Defense sectors like DRDO and
for Aeronautics segments like HAL.
Business Mix:
Manufacturing range includes CNC Turning
Centre, VMC, HMC, Turn Mill Centre, VTL, Twin
Spindle Turning & VMC, Drill Tap Centre,
Cylindrical Grinder along with Robotic
Automation solutions.
Manufacturing and Distribution Network:
With more than 5,000 installation bases across
India, the company has sales & service teams
present in 31 cities that boasts of 107 qualified
sales and service engineers.
Macpower also has 6 business associates
across India, 4 regional offices and 4 Tech
Centers. 2
Total Revenue
INR 1,075 Mn 3 Year CAGR 19%
EBITDA
INR 120 Mn 3 Year CAGR 81%
PAT
INR 70 Mn 3 Year CAGR 21%
Financials FY18
Financials H1-FY19
Total Revenue
INR 696 Mn Y-o-Y Growth 50%
EBITDA
INR 102 Mn Y-o-Y Growth 141%
PAT
INR 66 Mn Y-o-Y Growth 161%
COMPANY
OVERVIEW
3
COMPANY OVERVIEW
▸ Incorporated in 2003, Macpower CNC Machines Limited (Macpower) has a
vision to provide the best possible solution in CNC machine industry thereby
unleashing value for end users.
▸ Led by highly experienced promoters and management team, Macpower
adopts an innovation driven approach, which makes the company successful
in all its operations.
▸ Ma po er s manufacturing range includes CNC Turning Centre, VMC, HMC,
Turn Mill Centre, VTL, Twin Spindle Turning & VMC, Drill Tap Centre,
Cylindrical Grinder along with robotic automation solution.
▸ Macpower has successfully executed projects across India for sectors like
Automobile, Railways, Aerospace, Defense, Power, Medical, Agriculture,
Government Education Sector and General Engineering.
▸ Macpower has its manufacturing unit in an area of around 4 acres which is
situated at Metoda G. I. D. C. , Rajkot (India).
▸ It exports to companies in countries like the USA, UK, Turkey, Thailand, UAE,
South Africa and many more. Automobile
35%
Agriculture
16%
General
Engineering
23%
Medical
7%
Defense,
Aeronautic &
Education
19%
642 696
1,075
696
3.47% 2.73%
11.16%
14.66%
FY16 FY17 FY18 H1-FY19
Total Income (In Mn) and EBITDA Margins
Industry Segment wise Revenue H1-FY19
65 Different Models
1,000 Application Solutions
4
KEY MANAGERIAL PERSONNEL
▸ Has more than 25 years of experience in the Machine Tool Industry, out of which 14 years of experience in Macpower as a Management Personnel.
▸ Guiding force behind all the corporate decisions and is responsible for the entire business operations of the Company.
▸ Areas of expertise includes Accounts, General Administration, Sales, Service, IT, HMC, VMC R & D and CNC R & D.
▸ Was the Former President of Rajkot Machine Tools, Former Treasurer of Rajkot Chamber of Commerce, Former Director of Rajkot Engineering Association, Former Executive Director of Indian Machine Tool Manufacturers of Association.
Rupesh Mehta, Promoter, Chairman & Managing Director
▸ Has been on the Board of the Company since inception and has around 14 years of experience in the Machine Tool Industry.
▸ Has expertise In Techno - Commercial Management and the scope of work includes looking after Machine Shop, Application and Purchase department of the Company.
Nikesh Mehta, Promoter & Whole-Time Director
▸ One of the most experienced employees of the company.
▸ Entrusted with the responsibility of handling financial activities of the Company.
Rajnikant Raja, Chief Financial Officer
▸ Holds Master of Science Degree in Finance Management from Middlesex University, London.
▸ Is the CEO of Shree Maruti Courier Services Pvt. Ltd. and has experience of 5 years in Courier and Logistic Services industry.
▸ Has expertise in areas of Finance, Operation & Management.
▸ Has been on the Board of the Company since 1st April, 2004.
▸ Associated with the responsibilities pertaining to the Human Resources department of the company.
▸ Has 13 years of experience in the field of Human Resource Management.
Riya Mehta, Director
▸ Has 30 years of experience in the Machine Tools Manufacturing Industry.
▸ Is the Managing Director of Dharti Co-operative Bank, Rajkot and also the President of Machine Tools Manufacturers Association, Rajkot.
Rajubhai Bhanderi, Independent Director
Maulik Mokaria, Independent Director
▸ Has an experience of 10 years in the Finance Service Industry.
▸ Has expertise in the Finance Sector including financial system in general and stock market and is a member of the Audit Committee and NRC.
Deven Doshi, Independent Director
5
KEY MILESTONES
Incorporation of the company
2003
Listed on NSE
Emerge
2018
2005 Partial In-house
Machining capability developed
2014 Commencing
operations in the Defense sector
2011 Covered maximum industry segments
Launched multi-tasking machines
in EMO - Germany
2013
Developed models with USP
advantages
2007
Introduction of high-end machines like HMC & Robotic Automation
2015
2017 Expanding Horizons
by supplying to Aeronautics & PSUs
6
GEOGRAPHICAL PRESENCE
7
MANUFACTURING FACILITIES ▸ More than 150,000 Sq. Ft. of enclosed land area
▸ In-house manufacturing capacity for all heavy structural / critical
components
▸ Precision Double Column Machining facility
▸ Precision HMC, VMC & CNC Machining cell facilities
▸ In-house sheet metal designing and manufacturing facility
▸ Proposed powder coating facility
▸ Proposed Spindle manufacturing facility
▸ Total product process / admin process / engineering process
backed-up with latest IT tools
Corporate Office Final Assembly Shop
Aerial View of the Plant VMC Assembly Shop
Sub Assembly Shop Front View of Office
8
TECH CENTERS
▸ A Tech Center is an in-house demo of Ma po er s
machines.
▸ It is a one stop solution regarding machines,
tooling, fixture options, part development,
machine applications and trading and arranging of
open house.
▸ To achieve this objective, these tech centers have a
selection of CNC Lathes, Machining centres for
customers to get hands on experience about these
machines.
Ahmedabad Pune
Delhi Jaipur
9
RESEARCH AND DEVELOPMENT
▸ R&D Department is the backbone of any manufacturing activity and therefore Macpower believes in
investing in R&D for product innovation.
▸ The Company has an in-house Research and Development center establishment with a team of
highly qualified 15 experienced design engineers headed by the President of R & D, who has core
experience of 40 years in Machine tool Design. This has resulted in new models being implemented
into latest machines. The R&D Team focuses on:
▸ New Product Research
▸ New Product Development
▸ Modernizing Existing Products
▸ New Process development
▸ Innovation
▸ At Macpower, CREO 4 of PTC- 3 D Modelling and Finite Element Analysis (FEA) digital design tools
allow their designers to achieve maximum accuracy and flexibility.
▸ The R&D department also provides technical support to the marketing staff, creating a coherent
team of professionals that are there to serve every need.
10
AWARDS AND CERTIFICATION
11
FIE Foundation Award at IMTEX 2017 for Twin
Head VMC
FIE Foundation Award at IMTEX 2015 for Turn
Mill Centre with Y Axis and sub Spindle
FIE Foundation Award at IMTEX 2013 for
desig i g e elle e Model Tur O MILL 200
MSE – 1 Highest Financial Strength in SME
Segment certified by CRISIL.
KEY STRENGTHS
Research and Development
Intelligent minds with diverse backgrounds to develop technology
CAD tools allow our designers to achieve maximum accuracy and
flexibility, while applying practical experience and knowledge to all
of our new products.
Sales and Service
Sales & Service Team has presence in 31 cities across the
country with 107 qualified engineers and 6 business
associates; establishment of 4 region office and 4
technology centres across the country.
1
2
3
4
5 Quality Check
Macpower was registered as an ISO 9001 (Design) in June
2012 and renewed in June 2018
Diversified Customer Base
Large range of Domestic and International Customers
Helps the Go er e t to pro ote the Make I I dia Mo e e t
Experienced Promoters and Management Team
First Generation Entrepreneurs
Personal Approach and Flat Hierarchy
12
6
Debt Free Company
The Management has successfully managed to keep
the Debt - Equity ratio to 0.01 times
7 Growth Prospects
Overall Machine tool industry growth is 25% while
Macpower growth is 50%
Entry Barrier
As the industry is highly technological driven, entry
of new companies is difficult
8
GOVERMENT PSU
ISRO
Railway
AUTOMOBILE SECTOR
Kalyani Forge
Varroc
Seinumero
Nirman
Kanemitsu
TRW Fuji Serina,
Thailand
SSB Engineers
Tulsi Industries
KEY CUSTOMERS GENERAL ENGINEERING SECTOR
Graphite
India
Nirlep
Eneroil
Offshore
JPan
Tubular
Supreme
Industrial
Works
Chemtron
Science
Laboratories
Cease
Fire
Kone
Cranes
Parshuram
Technocraft
Hiflex
Hydraulics
Pvt. Ltd.
GOVT. EDUCATION SECTOR
ISRO
Railway
DIE MOULD SECTOR
Sigmarq
Axis
Tools
Plasma
Alloys
EXPORT SECTOR
Hinkell
Marla
Makina
TRW Fuji
Serina
AGRICULTURE SECTOR
Mitter
Fasteners
Rinox
Engineering
DEFENCE SECTOR
Gun And Shell
Factory
HVF, Avadi
Ordnance Factory
Medak
DRDO TBRL
Rifle Factory,
Ishapore
Opto Electronics
Indian Ordnance
Factories
13
BUSINESS
OVERVIEW
14
Machine Turning Centre Vertical Machining Centre Turn Mill Centre
Applications
Bearing, Valve, Pump industry, Tool
room, Automobile, Process plant
components, Agriculture, Textile and
the Piping industry
Tool room, Die and mould,
Automobile Components, Pattern
Making, Defence, Power and
Railways
Special purpose components,
Aeronautics Components, Defence,
Agriculture Components, Medical
Components
No. of Models 26 18 3
Output
PRODUCT PROFILE
15
Machine Vertical Turret Lathe Horizontal Machining Centre Drill Tap Centre
Applications Valve body, Motor body, Engine liner
and Railways
Automobile Components, Die and
mould, Defence Parts, Aeronautics
Components, Textile Components,
Medical and Railways
Electronics Components, Small
Automobile Components and Textile
Components
No. of Models 4 3 1
Output
PRODUCT PROFILE
16
Machine Twin Spindle Cylindrical Grinder Multi-tasking Machine
Applications Automobile Components & Textile
Components
Special purpose components,
Agriculture Components and Railway
Components
Precision Aeronautics Components,
Precision Defence Components and
Precision Medical Components
No. of Models 3 3 4
Output
PRODUCT PROFILE
17
PRIME EXHIBITIONS
DIE MOULD 2018 - MUMBAI ENGIMACH 2017 -
AHMEDABAD IMTEX 2017 - BANGALORE PMTS 2016 - PUNE
MAKTEK EURASIA 2012 - ISTANBUL (TURKEY) EMO 2013 – GERMANY
18
ORDER FLOW PROCESS (FOR SPECIAL PURPOSE MACHINE)
Production Plan and Design
Depending on the order, the design of the
machine is prepared and verified with the
customer and components required for manufacturing are
decided.
Processing of Raw Material
The materials then pass through various fabrication and
machining processes.
Calibration of Test Instruments
The gauges and measuring instruments
are calibrated periodically to ensure
that they are as per pre-set standards.
Assembly
The components produced in-house,
along with the components bought out,
are then assembled to produce the machinery.
Dispatch
On successful completion of test runs and trials, the machines are then dispatched to
the customer.
Procurement of Materials
Materials required are procured and then
inspected for quality and finally only the ones that
pass the quality standard are approved
for use.
In-process Inspection
The materials are subjected to In-process Inspection on various parameters to identify
deviations from the specifications, if any and take corrective actions
wherever needed.
Final Inspection
The components are then subjected to final
inspection before passing them for
assembly.
Testing and Trials
The machines are then subjected to Testing and
Trials to ensure that they satisfy the specified
parameters of performance.
Commissioning of Machine
On receipt of the machine by the
customer, necessary supervision of its
erection and commissioning is carried
out the Co pa s service personnel.
Step 1 Step 2 Step 3 Step 4 Step 5 Step 6 Step 7 Step 8 Step 9 Step 10
19
MANUFACTURING PROCESS
BED receive from Pre-Assembly
Final Assembly System Fitting Fitting of Ca le Carrier, X‐Z‐Spi dle
Motor, Power Pack, Cylinder, Encoder, Pulley, Turret & Disc
OK
OK Electric Wiring
Appli atio ‐ Rough Trial – Laser
Calibration – Ball Bar Final Guard
Fitting of Guard &
Repairing if Required
OK Electric Wiring Final Telescopic
Fitting of Telescopic & Repair, If Required
Application – Coolant Trial – Final Trial OK
Machine Complete QA [Inspection] Dispatch
X‐ Z racket reading
check? It Should be in
10 Micron.
Spindle Motor
Alignment?
Visually
Check?
Visually Check?
Powder Coating
Check?
20
ORDER BOOK (As on 31st October 2018)
Description Number Value (INR Mn)
Pending Order/
Advance (Private) 508 900/48
Govt. Supplied 165 702
L1/Order Recd. (For FY19) 11 66
Tender Bidded 377 2,050
Order Book Domestic
Products No of Units Value (INR Mn)
Turning Centre 402 602
Vertical Turning Lathe 1 4
Vertical Machining Centre 97 253
Horizontal Machining
Centre 3 32
Twin Spindle 4 7
Drill Tap Centre 1 2
21
STRATEGIC
OVERVIEW
22
FACILITY
▸ Multi-Storeyed Assembly Area.
▸ Assembly capacity of additional 600 Machines per year
(Existing capacity 600 machines per year), hence total
capacity of plant is 1,200 Machines per year
▸ State-of-the-art temperature controlled Assembly Shop.
▸ Imported state-of-the-art mother machines and
equipment.
▸ In-house spindle manufacturing with high-end machines
and assembly facilities.
BENEFITS
▸ Constructed Plant Area (Existing) = 50,814 sq. ft. and
New Constructed Plant Area around 60,000 sq. ft. Total
Constructed area will be 1,10,814 sq. ft.
▸ Increase in Productivity
▸ Decrease in Production Cost and Increase in Profitability
▸ Decrease in Logistic Cost
▸ Through backward integration, Macpower will be able to
meet increased market demand on a timely basis
▸ 4% to 5% cost reduction after expansion with double
production capacity
NEW PLANT DETAILS
EXISTING
ASSEMBLY
SHOP 1
(TURNING)
NEW ASSEMBLY
SHOP
GROUND &
1ST FLOOR
EXISTING ASSEMBLY
SHOP 2 (TURNING)
EXISTING ELECTRIC
WORKSHOP
EXISTING MACHINE SHOP
PROPOSED R&D
CENTRE
EXISTING VMC
ASSEMBLY
SHOP
NEW STORE 2
NEW POWDER COATING PLANT
PAINT
SHOP
NEW STORE 1
NEW MACHINE SHOP AT
GROUND FLOOR
NEW FABRICATION SHOP
AT 1ST FLOOR
NEW OFFICE
23
Set Up Facility for In-house Machining ▸ The Company is planning for integrated operation of its products by in-house machine shop and sheet metal manufacturing facility. ▸ The management believes that the integrated operations will reduce its dependence on third party supplies of products, services and quality,
enabling it to streamline its production process and achieve timely delivery of quality products at competitive costs.
Augmenting manufacturing capacity to meet the growing industry demand ▸ The consumption of machine tools in India was ~INR 118 Bn in 2012 and is expected to reach INR 293 Bn in 2020. ▸ The continued increase in domestic and foreign investment into the industry will translate into a higher demand for machine tools.
It is considered the Mother I dustr for all manufacturing activities.
Tech Centers are in close vicinities ▸ In-house live demo of Macpower CNC Machines. ▸ These centres have a selection of CNC Lathes, Machining centres for Customers to get hands-on experience with these
machines.
Government Supplies ▸ The Company is firmly establishing its footholds in Ordnance Factories, PSUs, Educational Institutes of State and Central
Government, and Research centres with multi-fold planning to supply various machines in order to cater to these verticals.
Domestic Business ▸ The Company has around 508 orders in line valuing INR 900 Mn for which they have already received INR 48 Mn as an advance
against the orders.
FUTURE GROWTH STRATEGY
New Entrants ▸ Due to several initiatives being taken by GoI and GoG [Government of Gujarat], new entrepreneurs are eager to start new industries in
many segments. Lathe & CNC Machines, being Mother Machines, would attract most of the new entrepreneurs in becoming prospective customers for the Company.
24
Import Substitute ▸ Due to import becoming costlier poses good opportunity for Indian Machine tools market to grow for which the company has also
enormous potential to have their presence respect to imported machine tools.
Conversion of Conventional User to CNC ▸ Conventional users are changing over to CNC technology where the company sees huge growth potential. By replacing conventional Lather
into CNC lathe, its saves 8 worker, sizable space, improve quality and increase the production capacity.
INDUSTRY
OVERVIEW
25
Indian Machine Tool Industry
(INR Cr) CNC Conventional
Forming 137 456
Cutting 4,854 356
▸ The Indian Machine tool Industry has around 1,000 units in the
production of machine tools, accessories/attachments,
subsystems and parts. Of these, around 25 in the large scale
sector account for about 70% of the turnover and the rest are in
the MSME sector of the industry.
▸ Metal cutting machine tools constitute about 80% of the total
demand for metal working machine tools in India. About 52% of
metal cutting machines consumed in India are imported.
▸ I dia s capital good sector is expected to triple in size to INR 7.5
Tn (USD 116 Bn) and add 21 Mn jobs by 2025.
▸ About 55% of the metal cutting machines consumed in India are
imported and about 45% of the machines are imported from
Japan & Germany so there is a lot of opportunity for domestic
companies.
INDIAN MACHINE TOOLS INDUSTRY
4,727 5,803
7,293
296 360 355
5,945 6,173
7,752
10,376
11,616
14,691
FY16 FY17 FY18
Indian Machine Tools Industry (INR Cr)
Production Export Import Consumption
26
▸ Under the Make in India
initiative, the Government of
India aims to increase the share
of the manufacturing sector for
the gross domestic product
(GDP) to 25% by 2022, from
16%, and create 100 Mn new
jobs as well.
▸ India stands 12th in production and 8th in the consumption of
machine tools in the world as per the 2017 Gardner Business
Media survey.
▸ India has become one of the most attractive destinations for
investments in the manufacturing sector. Cumulative Foreign
Direct Investment (FDI) in I dia s manufacturing sector reached
USD 76.82 Bn by June 2018.
▸ The manufacturing sector of India has the potential to reach USD
1 Tn by 2025 and India is expected to rank amongst the top three
growth economies and manufacturing destinations of the world
by the year 2020.
MANUFACTURING SECTOR IN INDIA
References: Media reports, Press releases, EEPC India, Press Information Bureau (PIB), Department of Industrial Policy and Promotion (DIPP), The Confederation of Indian Industry (CII)
(Source: Indian Engineering Industry Analysis-India Brand Equity Foundation www.ibef.org )
New Industrial Policy, 2015 and Assistance to Micro, Small and
Medium Enterprise (MSME)
▸ Capital Investment Subsidy
▸ Interest subsidy
▸ Assistance to venture Capital
Enterprise
Investment in Plant and
Machinery
(Manufacturing
Industry)
Investment in
Equipment (Service
Industry)
Micro Up to 25 Lakhs Up to 10 Lakhs
Small Above 25 Lakhs to 5 Cr Above 10 Lakhs to 2 Cr
Medium Above 5 Cr to 10 Cr Above 2 Cr to 5 Cr
27
FINANCIAL
OVERVIEW
28
INCOME STATEMENT
PARTICULARS (INR Mn) FY16 FY17 FY18 H1- FY19
Total Income* 642 696 1,075 696
Total Expenses 619 677 955 594
EBITDA 23 19 120 102
EBITDA Margin 3.47% 2.73% 11.16% 14.66%
Finance Cost 7 3 2 1
Depreciation 13 7 10 6
PBT 3 9 108 95
Tax (3) 2 37 29
PAT 6 7 71 66
PAT Margin 0.93% 1.01% 6.61% 9.48%
Basic EPS (INR) 12.63 15.68 22.79 6.74
* Including Other Income 29
BALANCE SHEET
EQUITY AND LIABILITIES (INR Mn) FY16 FY17 FY18 H1-FY19 ASSETS (INR Mn) FY16 FY17 FY18 H1-FY19
1) SHARE HOLDERS' FUND 1) NON CURRENT ASSETS
Share Capital 6 6 98 98 Fixed Assets
Reserves and Surplus 22 30 435 497 Tangible 28 29 44 48
Total 28 36 533 595 Intangible 1 1 1 1
Capital Work-in-progress - - 1 5
2) NON CURRENT LIABILITIES Deferred Tax Asset (Net) 4 4 6 5
Long Term Borrowings 40 7 2 1 Long Term Loans & Advances - - 12 16
Long Term Provisions - - 5 6 Other Non Current Assets - - 16 17
Total 40 7 7 7 Total 33 34 80 92
3) CURRENT LIABILITIES 2) CURRENT ASSETS
Short Term Borrowings 3 33 - 3 Current Investments - - 75 322
Trade Payables 175 240 358 357 Inventories 101 173 277 413
Other Current Liabilities 3 6 5 4 Trade Receivables 33 103 42 115
Short Term Provisions 1 3 44 33 Cash & Cash Equivalents 62 1 392 1
Total 182 282 407 397 Short Term Loans & Advances 21 14 81 56
Total 217 291 867 907
Total 250 325 947 999 Total 250 325 947 999
30
FINANCIAL HIGHLIGHTS
642 696
1,075
FY16 FY17 FY18
Total Revenue (INR Mn)
23 19
120
3.47% 2.73%
11.16%
FY16 FY17 FY18
EBITDA (INR Mn) and EBITDA Margins (%)
22.60% 21.63%
13.22%
13.91%
29.08%
20.28%
FY16 FY17 FY18
RoE and RoCE
6 7
71
0.93% 1.01%
6.61%
FY16 FY17 FY18
PAT (INR Mn) and PAT Margins (%)
* Including Other Income 31
-20%
0%
20%
40%
60%
80%
100%
Mar/2018 Apr/2018 May/2018 Jun/2018 Jul/2018 Aug/2018 Sep/2018
Share Price Performance (As on 30th September, 2018)
Macpower Nifty 50
Price Data (As on 30th September, 2018)
CMP 160
52 Week H/L 305.5/140
Avg. Trending Vol. 58.62
Avg. Net Turnover 12.39
Market Cap (In Mn) 1,569.30
Total No. of Shares (In Mn) 9.80
Promoter
69.48%
Public
18.66%
DII
11.86%
Shareholding Pattern (As on 30th September, 2018)
MARKET DATA
32
DISCLAIMER
No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in all events not current after the date of this presentation. Certain statements made in this presentation may not be based on historical information or facts and may be "forward looking statements" based on the currently held beliefs and assumptions of the management Macpower CNC Machines Limited Co pa y or MACPOWER or Macpower CNC Machines Li ited , which are expressed in good faith and in their opinion reasonable, including those relating to the Co pa y’s general business plans and strategy, its future financial condition and growth prospects and future developments in its industry and its competitive and regulatory environment. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance or achievements of the Company or industry results to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements, including future changes or developments in the Co pa y’s business, its competitive environment and political, economic, legal and social conditions. Further, past performance is not necessarily indicative of future results. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements to reflect future events or developments. This presentation is for general information purposes only, without regard to any specific objectives, financial situations or informational needs of any particular person. This presentation does not constitute an offer or invitation to purchase or subscribe for any securities in any jurisdiction, including the United States. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of our securities may be offered or sold in the United States, without registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from registration there from. This presentation is confidential and may not be copied or disseminated, in whole or in part, and in any manner. Valorem Advisors Disclaimer:
Valorem Advisors is an Independent Investor Relations Management Service company. This Presentation has been prepared by Valorem Advisors based on information and data which the Company considers reliable, but Valorem Advisors and the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Valorem Advisors also hereby certifies that the directors or employees of Valorem Advisors do not own any stock in personal or company capacity of the Company under review.
For further information please contact our Investor Relations Representatives: Mr. Anuj Sonpal Valorem Advisors Tel: +91-22-4903-9500 Email: [email protected]
33
THANK YOU
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